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Mr. Sprocket borrows $3,500 from his bank to buy a used car. The loan has a 7.4% annual simple interest rate. If it takes Mr. Sprocket two years to pay back the loan, what is the total amount he will be
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Mr. Sprocket borrows $3,500 from his bank to buy a used car. The loan has a 7.4% annual simple interest rate. If it takes Mr. Sprocket two years to pay back the loan, what is the total amount he will be paying?

User Shaun Lebron
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5 votes

Answer:

the correct answer is $4018


User Lmars
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